In a May 8 video message posted to the IBEW Local 613 youtube account, Local 613 Business Manager Kenny Mullins updated the membership on the IBEW Local 613 Money Purchase Pension Plan.
Mullins informs the membership they are temporarily allowed to take funds from their Money Purchase Pension Plan. This was decided on as a measure to help members stay ahead during the COVID-19 pandemic.
He then defined the differences between the Money Purchase Pension Plan and a standard 401k and provided details about the negotiations between representatives and contractors.
Mullins issued the statement because of the potential for economic uncertainty, in order to help some members who have been hit hard financially by the pandemic.
Watch Mullins’ statement in its entirety:
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